DECREEING THE LAW TO GOVERN OIL EXPLORATION AND DEVELOPMENT[*]
WHEREAS, the discovery and the development of the
country's indigenous petroleum resources are vital to the overall
national development program;
WHEREAS, in view of the huge amount of capital and
investments and the technology and experience required in oil
exploration, and of the fact that such capital, technology and
experience are not available within the country, it is necessary that
foreign companies which have the capital, the technology and the
experience should be attracted into exploring and developing the
country's oil resources, either in partnerships or joint ventures with
the Government or the private sector;
WHEREAS, given the constraints of existing laws, the
foreign oil exploration companies have not been sufficiently attracted
into coining in and investing in oil exploration ventures;
WHEREAS, there was pending before Congress before
the promulgation of Proclamation No. 1081, dated September 21, 1972, an
oil exploration measure entitled "AN ACT TO PROMOTE THE
DISCOVERY AND PRODUCTION OF INDIGENOUS PETROLEUM AND APPROPRIATING FUNDS
THEREFOR" and denominated as Senate No. 531, which I have
certified as one of the urgent measures necessitating immediate
enactment;
WHEREAS, this measure is necessary to the attainment
of the objectives of this Government to create a new social and
economic order for the benefit of the country and its people;
NOW, THEREFORE, I, FERDINAND E. MARCOS, President of
the Philippines, by virtue of the powers vested in me by the
Constitution as Commander-in-Chief of all the Armed Forces of the
Philippines, and pursuant to Proclamation No. 1081, dated September 21,
1972, and General Order No. 1, dated September 22, 1972, as amended, do
hereby order and decree that the above mentioned oil exploration measure
entitled " AN ACT TO PROMOTE THE DISCOVERY AND PRODUCTION OF
INDIGENOUS PETROLEUM AND APPROPRIATING FUNDS THEREFOR" which is
attached herewith and made a part hereof, shall be, as it is hereby,
adopted in toto and shall henceforth be part of the law of the land.
This Decree shall take effect immediately.
Done in the City of Manila, this 2nd day of October, in the year of
Our Lord, nineteen hundred and seventy-two.
(Sgd.) FERDINAND E. MARCOS
President
Republic of the Philippines
[*] (continuation SENATE)